Today Andy Silvester talks to Jack Barnett, City A.M.'s Economics and Markets reporter. Together they go through the thinking behind the Bank of England's 25 basis point rate rise earlier today, which brought the UK's interest rate to 1%. They take a look at the Bank's forecasts, and explain why a recession is almost inevitable.

And in other news -- Shell and BP have announced bumper Q1 profits, and Elon Musk has lined up investors to help with his purchase of Twitter.